Business, 07.04.2020 20:20, diiamondgraham1

Lue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivable will become uncollectible. Accounts receivable are $402,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,723. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $904 instead of a credit balance of $2,723, prepare the adjusting journal entry for bad debt expense.

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Lue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes t...